2003 State Report: Opportunities and Challenges
Six years have passed since the original version of Mature Adults Count, Preparing for the Best to Come, was published. Many things have changed since 1996, and yet many issues discussed then remain the same. South Carolina’s mature adult population faces significant opportunities and challenges over the next two decades. While many adults in their early fifties are not yet concerned with their years as a senior citizen, they may face formidable challenges as they grow older.
Some people may still question why state policymakers would focus on persons age 50, many of whom are in the prime of their life and at the height of their careers possibly making more money than ever. We are concerned because the citizens of South Carolina and the United States are encountering a dramatically different world from that of their parents. While we no longer face the threat of a cold war, we face the continuing threat of terrorism. We face the problems associated with the global economy, global competition, deregulation, corporate corruption and scandal, and downsizing and a faltering economy. Many people working in various sectors of private industry and government face considerable change at a time when they are approaching retirement age. With the growth of the Baby Boomer population, we face the problem of how our country will be able to fund its Social Security system and Medicare program at a time when adequate funding is questionable and federal deficits are rising again. Many of our seniors are having their savings and available income being significantly impacted with the 15 to 20 percent annual increase in pharmaceutical costs. Several years ago, many of our mature adults were reveling in their plans to retire early with the stock market boom of the 1990s. With the corporate scandals and the dramatic losses encountered in the stock market and pension losses in mature adults’ IRAs and 401(k)s, many are faced with having to either retire with much less money or having to work much longer to replace their losses. Our mature adults are living longer than ever during an era where government is downsizing, the social contract is being re–arranged, the population wants to reduce taxes and government, and personal responsibility is being redefined.
South Carolina also faces a major influx of mature adults who wish to settle here to enjoy the bounties of a warm climate, rural areas, a low cost of living, and a variety of natural resources. Many will be white northerners, and minorities who left the south years ago, only to return home for their retirement years. We also face the influx of an increasing number of Hispanics and Asians moving to South Carolinia. How these newcomers are successfully incorporated into the state’s many communities will be important. New ideas and different expectations may result in competition over the use of available resources and the meeting of future needs. Sunny Places, Many Faces has examined some of these trends and the diversity that exists in South Carolina.
South Carolina has less fortunate mature adults who have not shared in the bounty of a growing economy and therefore face difficult years, as they become senior citizens. How the state and its communities, institutions, and citizens resolve these problems will have a crucial bearing upon the retirement of a portion of our state’s citizens.
In light of the many changes occurring, individuals and families face the need to take on greater personal responsibility and accountability for their lives and life decisions to assure that their later years are productive and healthy. Many mature adults face the prospect of being caught between caring for their children and parents. With the growth of persons 75 and older, we face the difficulties of Alzheimer’s disease and dementia, and the many stresses and strains on families from the rigors of care giving. Individuals and families must take greater responsibility for planning their financial future and take preventive steps to enhance their personal health in preparation for their later years.
This document has sought to provide an initial framework that highlights the major areas and concerns surrounding South Carolina’s mature adults. We hope that the information provided here will serve as a tool to assist the public and private sectors, individuals, families and communities in addressing the relevant needs and issues of our older population. Together, we can better assure that South Carolina’s mature adult population will truly be a place of Sunny Places, Many Faces.